Daily Market Report: QSE Rises 0.3% as Transportation, Industrials Gain

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Daily MarketReport
Sunday, 24 September 2023
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.3% to close at 10,323.0. Gains were led by the Transportation
and Industrials indices, gaining 0.8% each. Top gainers were Qatar Navigation and
Al Khaleej Takaful Insurance Co., rising 3.3% and 2.0%, respectively. Among the
top losers, QLM Life & Medical Insurance Co. fell 2.0%, while Dukhan Bank was
down 1.8%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.0% to close at 10,949.4. Losses were led by the
Media & Entertainment and Food & Beverages indices, falling 3.8% and 1.6%,
respectively. Arabian Contracting Services Co. declined 5.5%, while National
Medical Care Co. was down 5.2%.
Dubai: The DFM Index fell 0.3% to close at 4,168.6. The Real Estate index declined
1.5%, while the Financials Index fell 0.4%. Emirates Islamic Bank declined 9.9%,
while Mashreqbank was down 6.1%.
Abu Dhabi: The ADX General Index gained marginally to close at 9,849.4. The
Utilities index rose 2.8%, while the Telecommunication index gained 1.2%. Sharjah
Cement rose 8.2%, while ADC Acquisition Corporation was up 6.2%
Kuwait: The Kuwait All Share Index fell 0.4% to close at 6,936.5. The Technology
index declined 4.5%, while the Health Care index fell 2.4%. Advanced Technology
Company declined 7.9%, while Al Masaken International Real Estate Development
was down 7.2%.
Oman: The MSM 30 Index fell 0.4% to close at 4,676.8. Losses were led by the
Services and Financial indices, falling 0.9% and 0.1%, respectively. Phoenix Power
Company declined 6.9%, while Muscat City Desalination Company was down 4.8%.
Bahrain: The BHB Index gained 0.3% to close at 1,929.5. The Materials Index rose
1.4%, while the Communications Services index gained 0.2%. Ithmaar Holding rose
9.8%, while Bahrain Commercial Facilities Company was up 3.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 10.87 3.3 1,166.0 7.1
Al Khaleej Takaful Insurance Co. 3.300 2.0 1,337.3 43.4
Gulf International Services 2.772 1.5 17,730.2 90.0
Dlala Brokerage & Inv. Holding Co. 1.545 1.5 864.8 35.3
Aamal Company 0.849 1.4 154.4 (12.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 2.209 (0.3) 17,255.0 (30.3)
Qatar Aluminum Manufacturing Co. 1.348 0.2 16,364.3 (11.3)
Dukhan Bank 3.910 (1.8) 8,327.1 (2.0)
Mazaya Qatar Real Estate Dev. 0.738 0.4 6,173.5 6.0
Market Indicators 21 Sep 23 20 Sep 23 %Chg.
Value Traded (QR mn) 391.0 446.2 (12.4)
Exch. Market Cap. (QR mn) 605,236.5 603,702.4 0.3
Volume (mn) 128.6 154.8 (17.0)
Number of Transactions 15,190 16,047 (5.3)
Companies Traded 50 48 4.2
Market Breadth 26:19 14:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 22,154.52 0.3 0.0 1.3 12.9
All Share Index 3,464.56 0.3 0.1 1.4 13.5
Banks 4,127.78 0.0 (1.0) (5.9) 13.2
Industrials 4,245.58 0.8 1.4 12.3 15.0
Transportation 4,638.63 0.8 1.4 7.0 12.0
Real Estate 1,503.51 0.2 0.4 (3.6) 13.9
Insurance 2,500.65 0.4 3.1 14.4 148
Telecoms 1,612.05 (0.1) 1.9 22.3 12.6
Consumer Goods and
Services
7,498.26 0.0 (1.3) (5.3) 20.3
Al Rayan Islamic Index 4,589.38 0.4 0.7 (0.0) 9.2
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Abu Dhabi National Energy Abu Dhabi 3.62 2.8 12,164.6 6.2
Al Ahli Bank of Kuwait Kuwait 233.00 2.2 10,469.7 (22.5)
Abu Dhabi Ports Co. Abu Dhabi 6.39 1.8 1,381.8 11.3
Dubai Islamic Bank Dubai 5.90 1.7 21,079.3 3.5
Americana Restaurants Int. Abu Dhabi 4.22 1.7 2,687.4 42.1
GCC Top Losers##
Exchange Close#
1D% Vol.‘000 YTD%
Saudi Research & Media Gr. Saudi Arabia 157.80 (3.4) 45.6 (13.3)
Almarai Co. Saudi Arabia 62.50 (3.0) 198.6 16.8
Etihad Etisalat Co. Saudi Arabia 43.10 (2.9) 677.8 24.0
Alinma Bank Saudi Arabia 33.25 (2.9) 6,680.5 2.2
Emaar Properties Dubai 7.74 (2.9) 15,376.7 32.1
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/ losers derived from the S&P GCC Composite Large
Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
QLM Life & Medical Insurance Co. 2.788 (2.0) 85.3 (41.9)
Dukhan Bank 3.910 (1.8) 8,327.1 (2.0)
Widam Food Company 2.263 (1.6) 1,744.4 11.4
Mannai Corporation 4.822 (1.4) 452.2 (36.5)
Qatar Gas Transport Company Ltd. 3.720 (1.3) 2,450.0 1.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 14.15 0.9 46,261.1 10.5
Masraf Al Rayan 2.209 (0.3) 38,254.2 (30.3)
QNB Group 15.24 0.4 37,153.5 (15.3)
Dukhan Bank 3.910 (1.8) 32,800.6 (2.0)
Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield
Qatar* 10,322.96 0.3 0.0 1.3 (3.4) 107.73 165,955.8 12.9 1.4 4.8
Dubai#
4,168.55 (0.3) (0.3) 2.1 25.0 137.06 190,000.4 9.5 1.4 4.4
Abu Dhabi#
9,849.41 0.0 0.0 0.4 (3.5) 276.29 758,673.0 31.9 3.0 1.6
Saudi Arabia 10,949.42 (1.0) (1.8) (4.7) 4.5 1,331.86 2,977,100.6 18.3 2.1 3.4
Kuwait 6,936.46 (0.4) (1.3) (1.0) (4.9) 161.37 144,196.4 16.1 1.5 4.0
Oman 4,676.84 (0.4) (1.0) (2.5) (3.7) 3.19 22,253.8 12.9 0.9 4.7
Bahrain 1,929.51 0.3 (0.1) (1.2) 1.8 3.11 54,287.3 7.3 0.7 8.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades if any # Data as of September 22, 2023)
10,280
10,300
10,320
10,340
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
• The QE Index rose 0.3% to close at 10,323.0. The Transportation and
Industrials indices led the gains. The index rose on the back of buying support
from GCC and Foreign shareholders despite selling pressure from Qatari and
Arab shareholders.
• Qatar Navigation and Al Khaleej Takaful Insurance Co. were the top gainers,
rising 3.3% and 2.0%, respectively. Among the top losers, QLM Life & Medical
Insurance Co. fell 2.0%, while Dukhan Bank was down 1.8%.
• Volume of shares traded on Thursday fell by 17.0% to 128.6mn from 154.9mn
on Wednesday. Further, as compared to the 30-day moving average of
184.4mn, volume for the day was 30.2% lower. Gulf International Services and
Masraf Al Rayan were the most active stocks, contributing 13.8% and 13.4%
to the total volume, respectively.
Overall Activity Buy%* Sell%* Net (QR)
Qatari Individuals 24.36% 27.67% (12,933,008.92)
Qatari Institutions 44.18% 42.27% 7,469,021.00
Qatari 68.55% 69.95% (5,463,987.91)
GCC Individuals 0.22% 0.24% (77,900.50)
GCC Institutions 2.00% 1.94% 239,833.02
GCC 2.22% 2.18% 161,932.52
Arab Individuals 10.24% 10.37% (492,716.96)
Arab Institutions 0.00% 0.00% -
Arab 10.24% 10.37% (492,716.96)
Foreigners Individuals 3.02% 3.10% (336,548.72)
Foreigners Institutions 15.97% 14.40% 6,131,321.07
Foreigners 18.99% 17.51% 5,794,772.35
Source: Qatar Stock Exchange (*as a% of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09-21 US Department of Labor Initial Jobless Claims Sep 201k 225k 221k
09-21 US Department of Labor Continuing Claims Sep 1662k 1692k 1683k
09-21 US National Assoc. of Realtors Existing Home Sales Aug 4.04m 4.10m 4.07m
09-21 US National Assoc. of Realtors Existing Home Sales MoM Aug -0.70% 0.70% -2.20%
09-22 US Markit S&P Global US Manufacturing PMI Sep 48.90 48.20 47.90
09-22 US Markit S&P Global US Services PMI Sep 50.20 50.70 50.50
09-22 US Markit S&P Global US Composite PMI Sep 50.10 50.40 50.20
09-22 UK Markit S&P Global/CIPS UK Manufacturing PMI Sep 44.20 43.20 43.00
09-22 UK Markit S&P Global/CIPS UK Services PMI Sep 47.20 49.40 49.50
09-22 UK Markit S&P Global/CIPS UK Composite PMI Sep 46.80 48.70 48.60
09-22 EU Markit HCOB Eurozone Manufacturing PMI Sep 43.40 44.00 43.50
09-22 EU Markit HCOB Eurozone Services PMI Sep 48.40 47.60 47.90
09-22 EU Markit HCOB Eurozone Composite PMI Sep 47.10 46.50 46.70
09-22 Germany Markit HCOB Germany Manufacturing PMI Sep 39.80 39.50 39.10
09-22 Germany Markit HCOB Germany Services PMI Sep 49.80 47.10 47.30
09-22 Germany Markit HCOB Germany Composite PMI Sep 46.20 44.70 44.60
09-22 Japan
Ministry of Internal Affairs and
Communications
Natl CPI YoY Aug 3.20% 3.00% 3.30%
09-22 Japan Markit Jibun Bank Japan PMI Composite Sep 51.80 NA 52.60
09-22 Japan Markit Jibun Bank Japan PMI Mfg Sep 48.60 NA 49.60
09-22 Japan Markit Jibun Bank Japan PMI Services Sep 53.30 NA 54.30
Qatar
 Qatar sells QR500mn 7-day Bills at Yield 5.755% - Qatar sold QR500mn
($137.1mn) of bills due Sept. 28 on Sept. 21. The bills have a yield of
5.755% and settled on Sept. 21. (Bloomberg)
 Gulf International Services Board of Directors approves final merger
transaction agreements of Amwaj - Gulf International Services (GISS),
Board of Directors has approved final merger transaction agreements of
Amwaj. GIS obtained Extra-Ordinary General Assembly approval on 13th
March, 2023 and authorized its Board of Directors to take necessary steps
to execute final merger. Accordingly, GISS Board of Directors approved
the final merger transaction agreements. As part of the merger
transaction, all the details as published on 20th February 2023 remains
unchanged as part of this final approval. (QSE)
 Ooredoo, QFZ sign MoU to support global businesses and investments in
Qatar - Ooredoo signed a memorandum of understanding (MoU) with the
Qatar Free Zones Authority (QFZ) to support international businesses and
investments in the country. The new strategic partnership announced
yesterday aims to expand the connectivity and ICT solutions available to
prospective and existing investors and businesses in the free zones. This
collaboration is set to transform Qatar into a global business hub,
empowering foreign businesses to operate seamlessly within the country
and establish a strong foundation for their growth. The agreement was
signed by Sheikh Ali bin Jabor al-Thani, chief executive officer, Ooredoo
Qatar and Sheikh Mohamed HF al-Thani, chief executive officer, QFZ at
Ooredoo’s headquarters. Sheikh Ali said, “Ooredoo is committed to
delivering cutting-edge solutions and connectivity services that empower
businesses of all sizes and sectors to thrive. This landmark partnership
with QFZ marks a significant milestone in our dedication to supporting
international businesses and investment in the country, significantly
contributing to upgrading Qatar’s business ecosystem, fostering
innovation, and – ultimately – driving economic growth.” As part of this
agreement, Ooredoo will off er a comprehensive suite ofbusiness products
and services, encompassing fixed and mobile connectivity services, as
well as cutting-edge ICT solutions. These offerings will be extended to
QFZ and its network of investors, providing them with preferential
commercial terms and making it easier than ever to establish and expand

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their operations. Sheikh Mohamed said, “This partnership marks a key
milestone for expanding the ICT and telecommunications services that
QFZ investors can leverage in the free zones. As the Ooredoo presence
comes online through a dedicated office in the Investor Relations Center
in the Business Innovation Park in Ras Bufontas Free Zone, investors will
be able to integrate state-of-the-art ICT and telecoms services seamlessly
into their businesses, offered at a lower cost and in a customized and
tailor-made manner to meet business needs.” QFZ was established in 2018
and launched soft operations in 2020 to oversee and regulate world-class
free zones in Qatar and secure fixed investments within the zones. It
offers outstanding opportunities and benefits for businesses seeking to
establish operations and expand regionally and globally, providing
quality infrastructure, a skilled workforce, 100% foreign ownership,
access to investment funds, tax exemptions and par. (Gulf Times)
 Aamal seeks to expand footprint outside of Qatar - Aamal Company
(Aamal) plans to expand its business beyond GCC and is seeking a
potential partnership to export its products, said a senior official. “We are
looking to expand Aamal’s operations beyond the boundaries of Qatar.
Our strategy is firstly to enhance our services in Qatar and keep growing,
and secondly to look to a potential partnership to help us export outside of
Qatar,” said Aamal Company Chief Executive Officer, Rashid Ali Al
Mansoori, talking to The Peninsula. The official also spoke of a visit to
Africa and Asia to explore potential opportunities for the company to
expand its footprint. “The growth in the GCC region is better than the
worldwide growth. Since we were established, our strategy at Aamal is
based on diversification and continually applying the high standards
which have helped us to gain attraction and our good reputation. So, it’s
important for Aamal to find neighboring countries to expand into,
especially in manufacturing, and also to go beyond the GCC and
worldwide,” he added. Diversity stands as a foundational principle for
Aamal, fueling growth through 30 dynamic business units with market
leading positions in key growth sectors including industrial
manufacturing, real estate, medical equipment and pharmaceutical,
automotive and managed services sectors. The company’s diversified
business model has proven its resilience and shown strong growth. The
company’s subsidiaries are working to advance the Qatar National Vision
2030, Al Mansoori noted, and Aamal Company is one of the major listed
companies on the Qatar Stock Exchange (QSE). “Diversification of
activities is our strength and we have the ambition to grow and continue
to support the Qatar National Vision 2030.” The company seeks to take
advantage of the growth opportunities enabled by the National Vision
and to leverage its position as a leading participant across various key
economic sectors. “Under the trading sector we have the automotive,
pharmaceutical and the medical equipment activities and we are also
looking to expand more into oil and gas, electric vehicles, and the IT
sector. All these are our plans and we are already putting in cornerstones
for these new sectors. We have also started to negotiate some deals with
potential joint ventures,” he added. “In the industrial sector we are the
major supplier of copper cable in Qatar. We produce a very high standard
of copper cables and have won a contract with Kahramaa for QR1.2bn.”
Since the beginning of the year, Aamal subsidiaries have successfully
won key contracts such as Elsewedy Cables Qatar being awarded a 30-
month EPC contract by Kahramaa. This contract is for the establishment
of new under-ground Extra High Voltage / High Voltage Cables (EHV/HV)
in addition to different voltage levelsfrom 132kV,66kV and modifications
of the existing circuits. Speaking during the interview, Al Mansoori went
on to say that “We also have a subsidiary which produces concrete and
cementing. We are a leading producer of paving stones and concrete
blocks.” Aamal Cement Industries supplies a range of curb stones and
concrete blocks for a variety of uses including highways, walkways, and
bus stops. “Another important sector is the pharmaceutical and medical
sector. We are one of the largest distributors of medicine in Qatar and a
market leading supplier for pharmaceuticals, medical equipment and
automotive products across Qatar.In the real estate sector, Aamal’s
flagship–theCityCenter–isoneof the oldest and mostrenownedshopping
malls. The footfall is between 30,000 to 40,000 visitors per day which
makes it one of the best destinations for shoppers.” Commenting on the
recent award of a contract worth QR15.4m he said, “We have always been
chosen for our quality of services. This contract is for the provision of
hospitality services across all premises belonging to the Ministry of
Municipality and is one of a series of contracts awarded to Aamal Services
this year.” Elaborating about the company’s ESG framework, the official
stated “We are committed to applying corporate governance practices of
the highest standards. There are a lot of opportunities across
sustainability, ESG, and society.” Responding to a query regarding the
momentum in the Qatari market after the FIFA World Cup 2022, Al
Mansoori said, “Qatar’s economy is always growing and will continue to
grow as there are a lot of projects and opportunities such as the North
Field Expansion.” (Peninsula Qatar)
 QTerminals completes acquisition of majority stake in Netherlands-based
Kramer Holding - QTerminals, a terminal operating company jointly
established by Mwani Qatar and Milaha, has officially completed the
acquisition of a majority stake in Kramer Holding, a provider of integrated
logistics and container services located in the Port of Rotterdam in the
Netherlands. This was announced by QTerminals in its social medial
platform X. The acquisition represents an important milestone in the
expansion of QTerminals, as the Port of Rotterdam is the largest in Europe
and is a significant addition to QTerminals group’s diversification. It
further reinforces the QTerminals Group’s commitment to contributing
towards the Qatar National Vision 2030, which aims for the
diversificationof the national economy and foreign investments. “Kramer
Group is an important strategic step for QTerminals as we will expand our
presence into Europe’s largest port. Kramer Group complements
QTerminals and adds existing business, a robust value-creating service
offering and European network to QTerminals portfolio,” QTerminals
Group CEO Neville Bissett had said earlier. QTerminals will retain
Kramer’s key management personnel and employees, including Andre
Kramer, who will continue as the chief executive off icer. Kramer Group
has both core and strategic importance to the Port of Rotterdam, as it
supplements the port’s activities whilst having direct access to the deep-
sea terminals of the Port of Rotterdam. The Kramer Group is an integrated
container handling and storage, terminal, container development and
logistics services provider, located in the Port of Rotterdam, and is the
only independent terminal in the Maasvlakte area, and one of the few
multi-user depot terminals in the port. The acquisition of the Kramer
Group by QTerminals allows its entry and presence in the largest port in
Europe which makes QTerminals Group’s position stronger in relation to
future opportunities in Europe and other developed global markets. The
presence of QTerminals in the Port of Rotterdam is strategic and reputable
for QTerminals Group in particular and for Qatar in general as QTerminals’
profile will become known in the largest European port. By acquiring
Kramer Group, QTerminals will continue to develop its world leading
technical and operational know-how to enhance and optimize its
potential as one of the leading providers of integrated container logistics
services in England (Gulf Times)
 Hotel occupancy levels on growth path in Qatar - Qatar’s hospitality
sector is witnessing a strong rebound with hotels across segments seeing
an increase in occupancy rates. Among the hotels, two- and one-star
hotels have recorded the highest occupancy rate in July this year,
according to the Planning and Statistics Authority (PSA) data. The
occupancy rate of two- and one-star hotels surged to 90 % in July leading
to the rise in hotel visitors and guests. The hotel and hotel apartments in
Qatar witnessed a robust performance with the overall occupancy rate
being at 52 % in July 2023. The hotels of all categories, ranging from five
star to two and one star, have seen rise in occupancy rates and revenue
per availableroom, according to thedata. The three-star hotels occupancy
rate has jumped to 71 % in July 2023. Similarly, the occupancy rate of four-
star hotels was 50 % in July this year. In case of five star, the hotels’
occupancy rates stood at 46 % in the review period. The occupancy rates
of deluxe hotel apartments and standard hotel apartments for July this
year were 77 % and 57 % respectively. Hotels in Qatar have also
witnessed a rise in revenue per available room which is used to assess a
hotel’s ability to fill its available rooms at an average rate. It is important
because it helps hotel industry measure the overall success of their hotel.
Revenue per available room for five-star hotels stood at QR268 in July
2023 while it was QR111 in four-star hotels; QR199 in three stars; and
QR129 in two- and one-star hotels. The average room rate for deluxe and
standard hotel apartments rose to QR326 and QR211 respectively in July
this year. The average room rate for five-star hotels showed an increase

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Daily MarketReport
of QR584 and incase of four-star hotel it reached QR222, while the overall
hotel and hotel apartment average room rate was QR394 in July 2023.
Qatar has welcomed over 2.56mn visitors, exceeding the full year arrival
figures witnessed in 2022. Thenumber of visitors so far in 2023 mark a 157
% increase over the same period last year, according to Qatar Tourism.
More events are coming up in this year’s Arab Tourism Capital, with the
Geneva InternationalMotor Show– Qatar, Formula 1 and Expo 2023 slated
for October, and which will be followed by the MotoGP in November. The
hospitality sector is on course to witness yet another strong momentum
in the country with the addition of 3,000 hotel keys, ValuStrat has said in
its report, recently (Peninsula Qatar)
 Realty trading over QR307mn in last week - The volume of real estate
trading in sales contracts at the Department of Real Estate Registration at
the Ministry of Justice during the period from 10 September to 14
September 2023 reached QR218,470,521. Total sales contracts for
residential units in the Real Estate Bulletin for the period from 10
September to 14 September 2023, is QR88,738,310. The weekly bulletin
issued by the Department shows that the list of real estate properties
traded for sale has included vacant lands, houses, Residential Buildings,
Administrative building, Shops, Residential units (Peninsula Qatar)
 Kuwait voices support for hosting Expo 2023 in Qatar - Prime Minister of
Kuwait Sheikh Ahmad Nawaf Al Ahmad Al Jaber Al Sabah expressed
Kuwait’s welcoming of Qatar hosting Expo 2023 Doha under the theme
“Green Desert, Better Environment,” with the aim of promoting
innovative solutions for the sustainability of desert regions. This
statement was made by Sheikh Ahmad Nawaf Al Ahmad Al Jaber Al
Sabah during his speech at the 78th session of the United Nations General
Assembly in New York City, rep-resenting Amir of Kuwait H H Sheikh
Nawaf Al Ahmad Al Jaber Al Sabah. The Kuwaiti PM emphasized the
importance of international cooperation based on partnership and
responsibility in addressing the myriad risks and threats facing today’s
world, including conflicts between nations, the proliferation of weapons
of mass destruction, the rise of terrorism, increasing poverty levels, as
well as threats related to natural disasters, climate change, food security
challenges, and modern cyber threats and their impact on cybersecurity.
He renewed Kuwait’s commitment to the multiparty inter-national
system, the principles and goals of the UN Charter, and the development
and enhancement of international governance to ensure the fulfilment of
its noble mission in preserving international peace and security and
serving humanity. He expressed the Kuwaiti government’s anticipation
of the support of UN member states for Kuwait’s candidacy for
membership to the Human Rights Council for the 2024-2026 term at the
elections next month. Regarding regional matters, he noted Kuwait’s
commitment to the agreement regulating navigation in Khawr Abd Allah,
concluded between Kuwait and Iraq in 2012, and the security exchange
protocol with Iraq signed between the Kuwaiti Naval Force Command and
the Iraqi Naval Force Command in 2008, both of which are of vital
importance in maintaining security and navigation safety. Furthermore,
the Kuwaiti PM affirmed that the ownership of natural resources in the
sub-merged area adjacent to the Kuwaiti-Saudi divided zone, including
the entire Dorra field, is solely a common ownership between Kuwait and
the Kingdom of Saudi Arabia, and both have exclusive rights to exploit
theseresources. He alsoreiteratedhis country’s unwavering stanceon the
Palestinian issue and emphasized the necessity of achieving peace in
Yemen, Sudan, and Syria. (Peninsula Qatar)
 Qatar's healthcare workforce doubles in 10 years: Official - The strength
of Qatar's health sector workforce has doubled over the past ten years,
showing tremendous efforts by the Ministry of Public Health (MoPH) to
provide world-class healthcare to all in Qatar. “The number of workforces
working in the public and private health sectors of Qatar has increased to
46,000, compared to 20,000 health workers in 2011,” said Medical Director
of Hamad General Hospital, Dr. Yousef Al Maslamani. Speaking to Qatar
TV recently, he said there were great developments in health and medical
science fields in last ten years. “To keep pace with fast development in
health sector, we provided qualified medical staff and upgraded the
medical equipment,” said Al Maslamani. He said that the MoPH, Hamad
Medical Corporation (HMC) and Primary Health Care Corporation (PHCC)
are coordinating constantly with medical colleges including nursing and
dental and other health institutions graduating technicians,
physiotherapists and nutritionists for competent medial cadres. “HMC is
providing internship and other necessary training to fresh graduates of
medical institutions and a large number of them are hired for HMC and
MoPH,” said Al Maslamani. He said that the new medical staff undergoes
rigorous training programmes. “HMC offers 26 training pro-grammes for
doctors, which are accredited internally and run by US based prestigious
organizations. The educational and training programmes run by HMC aim
at providing necessary capability to medial cadres to serve patients in a
better way,” said Al Maslamani. He said that Qatar witnessed remarkable
growth in health sector as the number of hospitals and beds increased
following the international standards of healthcare. (Peninsula Qatar)
 Chairman of Qatar Free Zones participates in WGTS - Minister of State
and Chairman of the Board of Directors of the Free Zones Authority in
Qatar H E Ahmad Al Sayed, spoke yesterday on a panel discussion at the
Wyoming Global Technology Summit (WGTS). This year’sWGTS focused
on economic diversification through the tactful deployment of energy-
created wealth. The Summit regularly brings together government
leaders, high-tech entrepreneurs, and financial experts to discuss the
most pertinent issues related to economic diversification. Minister Al
Sayed’s perspective included the role of foreign direct investment on
economic diversification and job creation. He highlighted Qatar’s unique
role in using wealth and investment to target job creation and economic
advancement. While in Jackson Hole, Minister Al Sayed met with a
number of local government and business leaders to discuss methods of
enhancing the bilateral trade and investment relationship between the
State of Qatar and the State of Wyoming. Minister Al Sayed also met on
the sidelines of the conference with Doug Burgum, the Governor of North
Dakota. They also dis-cussed bilateral trade and investment opportunities
between the State of Qatar and North Dakota. The conference brought
together some of the preeminent wealth and technology leaders from
around the world to explore methods of economic diversification and
technology on rural populations in Wyoming globally. (Peninsula Qatar)
International
 Fed officials flag further hikes even after holding steady - US Federal
Reserve officials warned on Friday of further rate hikes even after voting
to hold the benchmark federal funds rate steady at a meeting this week,
with three policymakers saying they remain uncertain the inflation battle
is finished. Their comments were tempered by words like "patience," and
an acknowledgement that price increases have been slowing. But in the
first public comments since the central bank this week agreed to hold its
benchmark rate steady in a range of from 5.25% to 5.50%, the emphasis
was on the possibility that rates may still rise, and on the fact that
monetary policy will likely remain tight longer than previously expected.
"Inflation is still too high, and I expect it will likely be appropriate for the
(Federal Open Market) Committee to raise rates further and hold them at
a restrictive level for some time to return inflation to our 2% goal in a
timely way," Fed Governor Michelle Bowman said in prepared remarks for
an Independent Community Bankers of Colorado event. "Progress on
inflation is likely to be slow given the current level of monetary policy
restraint," she said, noting that in policymaker projections issued by the
Fed earlier this week inflation remains above the 2% target "at least until
the end of 2025." A potential further rise in energy prices, she noted, was
a particular risk worth monitoring. In separate remarks to the Maine
Bankers Association, Boston Fed President Susan Collins said a further
tightening of monetary policy "is certainly not off the table," though she
also counseled "patience" as the Fed tries to get the right signal from
sometimes noisy inflation data. "It is too soon to be confident that
inflation is on a sustainable trajectory back to the 2% target," Collins said,
with job growth still "above trend," and elevated inflation in aspects of the
service sector still a concern. "I expect rates may have to stay higher, and
for longer, than previous projections had suggested," said Collins. San
Francisco Fed President Mary Daly, considered among the more dovish
Fed officials, said she still needed more data to determine whether
interest rates should rise again, though she called it "prudent" for the Fed
to be patient in future rate decisions. "The thing that would be a problem
is if we decided that we wanted to call it done, we'd say we're done, we say
definitely one more, when we actually don't know," she said in an event
held in coordination with Greater Phoenix Leadership. Minneapolis Fed
President Neel Kashkari, a voter on rate policy this year, did not talk about

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his current monetary policy views during an event at the Economic Club
of Minnesota, but did say the economy appeared to be motoring along
despite the swift Fed rate hikes since March of 2022. "Consumer spending
continues to exceed our expectations," Kashkari said. "I would have
thought with 500 basis points or 525 basis points of interest rate increases
we would have slammed the brakes on consumer spending, and it has
not." The central bank's decision to hold its benchmark overnight interest
rate steady this week was unanimous. Bowman said she supported it
because of "mixed data" that alongside signs of continued "solid"
economic growth also included some decline in inflation and evidence of
slowing job growth. Collins and Daly do not currently have a vote on rate
policy under a Fed system that rotates votes among the 12 Reserve Bank
presidents year by year. New projections issued at the end of a two-day
policy meeting on Wednesday showed 12 of 19 Fed officials expect one
additional quarter point rate increase this year. The Fed has two
scheduled sessions left in 2023, concluding on Nov. 1 and Dec. 13. More
notably, officials projected that while they still expect to begin reducing
interest rates next year as inflation falls, the path down will be slower
than previously anticipated. Thoughopinions are diffuse, policymakers at
the median now see only a half percentage point of rate cuts in 2024
versus the full percentage point decline seen in their June quarterly
outlook. (Reuters)
 UK recession risk deepens but consumers stay unfazed - Britain's
economy displayed clear recession signals on Friday, a day after the Bank
of England called a halt to its long run of interest rate increases that have
turned the tide on inflation but at the expense of a hit to businesses. A
business survey, which the BoE factored into its decision to keep rates on
hold, showed companies endured a much tougher September than feared,
marked by growing unemployment. The preliminary reading of the UK
S&P Global Purchasing Managers' Index (PMI) for the services sector sank
to its lowest since the pandemic lockdown of January 2021 and below all
forecasts in a Reuters poll of economists. Aside from during the COVID-19
pandemic, the index last fell this low during the Global Financial Crisis. Its
gauge of jobs suffered its biggest fall on record outside of the pandemic.
Sterling was down about 0.4% against the US dollar at 1105 GMT, a touch
above its lowest since March as investors pondered how long the BoE
could stick to its plan to keep interest rates around current levels before
cutting them to help the economy. PMIs for the euro zone picked up a
little but still suggested a recession was approaching. A separate survey
by the Confederation of British Industry (CBI) showed factory output
fell and was expected to be stagnant in the remainder of 2023. "Bouncing
along the bottom is likely to be a story which persists for the near term,"
MartinBeck, chiefeconomic advisor to forecasters the EY ITEM Club, said.
While the full impact of the BoE's 14 back-to-back rate hikes had yet to be
felt and the jobs market was weakening, weaker inflation and relief that
borrowing costs may have peaked suggested the economy would avoid a
serious downturn, Beck said. There was some signs of resilience among
consumers alongside the weak readings of business activity. Official data
showed retail sales rose in August, partially recovering from a rain-
induced plunge in July, and a measure of consumer confidence climbed to
its highest since January 2022. However, data company S&P Global said
its survey was consistent with a drop in quarterly economic output of
0.4%. "The disappointing PMI survey results for September mean a
recession is looking increasingly likely in the UK," said Chris Williamson,
chief business economist at S&P Global. Samuel Tombs, an economist
with Pantheon Macroeconomics, disagreed, saying wages were finally
outpacing inflation, household energy prices were about to fall back
further and consumer confidence levels were holding up. "Needless to say,
though, today's report further increases the chances that the BoE's
tightening cycle is over," he said. (Reuters)
 Exxon weighs chemicals output boost as EVs threaten gasoline use -
Exxon Mobil Corp, which operates one of the world’s biggest oil-refining
networks, is trying to be more responsive to changing consumer demands
as the energy transition gathers pace. The changes it’s considering
include potentially replacing some gasoline production with chemicals.
The oil giant has long pursued a strategy of upgrading refineries to expand
production and make higher-value products from crude oil such as
lubricants and plastic feedstock. But it now sees those projects potentially
helping the company to move away from traditional fuels, demand for
which is likely to wane in coming decades. The strategy, discussed by this
week by executives at a presentation to investors and media, shows how
even Exxon, one of the leading proponents of fossil fuels, is being forced
to reckon with a future in which electric vehicles significantly eat into
gasoline consumption. Exxon has already reduced production of fuel oil
and high-Sulphur petroleum at refineries in Singapore and the UK. Over
time, it’s open to cutting output of gasoline, the focus of the company’s
refining business since Henry Ford introduced the Model T nearly 100
years ago. The goal is to produce more chemicals, found in everything
from paint to plastic, for which there are few lowcarbon alternatives.
“We’re planning on modifying some of that yield from gasoline to
distillate and chemicals feed,” JackWilliams, Exxon senior vice-president,
said on Wednesday at the company’s office in Spring, Texas. “We’ve got
projects that we know we would do to take those steps.” Exxon gets most
of its earnings from oil and natural gas production but refining has always
been in its corporate DNA, right back to its original incarnation as part of
John D. Rockefeller’s Standard Oil, which was established in the 19th
century. Refining allows Exxon to earn money right along the fossil fuel
supply chain, from the wellhead to the gas tank. But with traditional fuels
such as gasoline under threat from EVs, refineries worldwide are being
forced to adapt quickly. Some European plants shut down during the
pandemic, while others in the US switched to biodiesel. Exxon wants to
take a more nuanced approach by upgrading facilities to switch in and out
of products depending on demand. To give an example, an Exxon refinery
in Singapore used to produce fuel oil that sold for $10 per barrel below the
price of Brent crude, but after a recent upgrade, the facility produces
lubricant base stocks that sell for $50 above Brent. Exxon has upgraded
and added to its refineries at Fawley in the UK and Beaumont in Texas to
produce more diesel, which is used for heavy-duty transportation and is
less vulnerable to competition from electric vehicles. “You just have more
variables now due to the energy transition,” said Jay Saunders, a natural
resources fund managers at Jennison Associates, which has $186bn under
management. “Having a high-quality refining asset with flexibility will be
very important.” Exxon’s refining and chemicals footprint is at least
double that of its Big Oil competitors, potentially making it more
vulnerable to a speedy energy transition, and especially the growth of
electric vehicles. But executives believe the potential for reconfigurations
is far greater than that of its peers, providing an opportunity to profit in a
low-carbon future. “This really allows us to pivot as demand evolves,”
said Karen McKee, President of Exxon’s Product Solutions division.
Biodiesel is particularly attractive to Exxon because reconfiguring its
existing refineries costs about half as much as building a new plant, said
Neil Hansen, senior vice president of product solutions. Demand for
biodiesel, which is manufactured from vegetable oil or recycled restaurant
grease, is expected to quadruple to 9mn barrels a day by 2050, he said.
Exxon is halfway through an eight-year plan to overhaul its fuels and
chemicals division, which also involves cutting costs, improving
operational performance and selling assets that don’t make the grade.
Exxon will operate just 13 refineries worldwide by the end of 2023 after
selling five in the past four years to focus on the biggest and lowest-cost
operations. Chemicals will be key to the strategy’s success. Exxon sees
demand growth for its high-performance chemicals at about 7% a year,
contrasting sharply with gasoline, which is expected to peak globally by
the end of the decade. To keep up with this demand, Exxon plans to build
a new dedicated chemical plant every four to seven years, Williams said.
The company’s refineries provide an additional means to make chemicals,
but they will focus on responding to consumer preference rather than
making a big bet on any particular product, Williams said. (Gulf Times)
 Former official: Even China's 1.4bn population can't fill all its vacant
homes - Even China's population of 1.4bn would not be enough to fill all
the empty apartments littered across the country, a former official said on
Saturday, in a rare public critique of the country's crisis-hit property
market. China's property sector, once the pillar of the economy, has
slumped since 2021 when real estate giant China Evergrande
Group defaulted on its debt obligations following a clampdown on new
borrowing. Big-name developers such as Country Garden
Holdings continue to teeter close to default even to this day, keeping
home-buyer sentiment depressed. As of the end of August, the combined
floor area of unsold homes stood at 648mn square meters (7bn square
feet), the latest data from the National Bureau of Statistics (NBS) show.

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That would be equal to 7.2mn homes, according to Reuters calculations,
based on the average home size of 90 square meters. That does not count
the numerous residential projects that have already been sold but not yet
completed due to cash-flow problems, or the multiple homes purchased by
speculators in the last market upturn in 2016 that remain vacant, which
together make up the bulk of unused space, experts estimate. "How many
vacant homes are there now? Each expert gives a very different number,
with the most extreme believing the current number of vacant homes are
enough for 3bn people," said He Keng, 81, a former deputy head of the
statistics bureau. "That estimate might be a bit much, but 1.4bn people
probably can't fill them," He said at a forum in the southern Chinese city
Dongguan, according to a video released by the official media China News
Service. His negative view of the economically significant sector at a
public forum stands in sharp contrast to the official narrative that the
Chinese economy is "resilient". "All sorts of comments predicting the
collapse of China's economy keep surfacing every now and then, but what
has collapsed is such rhetoric, not China's economy," a spokesperson at
the foreign ministry said at a recent news conference. (Reuters)
Regional
 GCC Secretary General discusses areas of cooperation between the GCC
and Cuba - Gulf Cooperation Council (GCC) Secretary General Jassem
Mohamed Albudaiwi, stated that he discussed areas of cooperation
between the GCC and Cuba, as well as ways to enhance and develop them
in fields that serve common interests. His remarks came during a meeting
Wednesday with the Minister of Foreign Affairs of the Republic of Cuba,
Bruno Rodriguez, on the sidelines of the 78th session of the United
Nations General Assembly held in New York City. The secretary general
said several topics were discussed during the meeting, including
reviewing the bilateral relations, and ways to enhance and develop them
in fields that achieve joint goals. He praised Cuba's signing the
Memorandumof Understanding with the Association ofCaribbean States,
which was inked two days ago between the GCC countries and the
association. He also highlighted Cuba's active contributions to the GCC
healthcare sector. (Zawya)
 Crown Prince: Saudi Arabia is biggest success story of 21st century -
NEOM - Crown Prince and Prime Minister Mohammed bin Salman said
that Saudi Arabia is the biggest success story of the 21st century. In an
interview with Bret Baier, chief political anchor of Fox News, at NEOM,
the Crown Prince said the Palestinian issue is crucial to normalizing ties
with Israel as he wanted to see a good life for the Palestinians. In the
interview on “Special Report with Bret Baier” that was aired on Thursday
morning, he reiterated that if Iran possessed a nuclear weapon, Saudi
Arabia would do the same “for security reasons and thebalance of power.”
Saudi Arabia had achieved the fastest growth in gross domestic product
(GDP) among the G20 countries for two consecutive years, the Crown
Prince said while pointing out about the bid to join G7. “We tried to join
the G7, but some countries wanted to dictate their conditions to us,” he
said. In his first interview with a major American news network since
2019, the Crown Prince addressed a wide range of domestic, regional and
international issues. Prince Mohammed bin Salman highlighted the
robust growth and comprehensive social and economic reforms that Saudi
Arabia is witnessing under its Vision 2030. “Saudi Arabia is so big, so I'm
quite sure most people in the world, directly or indirectly, have something
to do with Saudi Arabia. Our vision is great and we are surprised every day
when achieving our goals quickly as our non-oil growth this year will be
among the fastest in the G20 countries,” he said. When asked about
efforts to normalize relations with Israel, the Crown Prince emphasized
that the Kingdom has no relationship with Israel at present. “Every day
we get closer, it seems it's for the first time real one serious. We get to see
how it goes," he said. The Crown Prince insisted his country could work
with Israel, no matter who is in charge, calling the deal "the biggest
historical deal since the end of the Cold War," which he stated would rest
upon agreements related to the treatment of the Palestinians. "If we have
a breakthrough of reaching a deal that gives the Palestinians their needs
and makes the region calm, we're going to work with whoever is there,"
he said, while reiterating that he wanted to see "a good life for the
Palestinians." When asked about the potential for Iran to obtain a nuclear
weapon and what it means for Saudi Arabia, the Crown Prince clearly
stated that should Iran ever obtain such a weapon Saudi Arabia would
"have to get one, for security reasons, for balancing power." "We are
concerned if any country gets a nuclear weapon: That's a bad, that's a bad
move," he said. "They don't need to get nuclear weapons because you
cannot use them. Any country using a nuclear weapon that means they
are having a war with the rest of the world," he said while reiterating the
position of Saudi Arabia that the region must be stable for Saudi Arabia to
achieve its goals. "The world cannot see another Hiroshima. If the world
sees 100,000 people dead that means you are in a war with the rest of the
world. So to use this effort to reach a nuclear weapon because you cannot
use it if you use it, you got to have a big fight with the rest of the world."
The Crown Prince also spoke about relations with the United States,
saying: “We have important security ties with Washington. We have a
special relationship with President Joe Biden, and he is very focused and
prepares himself well,” he said while adding that Saudi Arabia wants
American and foreign companies to come and invest in a safe
environment in the Middle East. "We are one of the five largest buyers of
American weapons, and our move to buy weapons from countries other
than the United States is not in their interest." He also highlighted the
various attacks Osama bin Laden planned and executed against Saudi
Arabia in the 1990s. Bin Laden was able to recruit Saudis to help his cause
but that it "doesn’t make any sense" for the country itself to help a man
actively hurting it. "After that, killing Saudis and foreign people at that
time in Saudi Arabia, he's our enemy and he's the American enemy," the
Crown Prince said. Referring to the Khashoggi issue, the Crown Prince
said that Saudi Arabia prosecuted those involved in Khashoggi’s killing
and made reforms to prevent such things happening again. “Anyone
involved in Khashoggi’s killing is serving time in prison and must face the
law. We take all the legal measurements that any country took ... We did
that in Saudi Arabia and the case was closed," he said. "Also, we try to
reform the security system to be sure that these kinds of mistakes do not
happen again, and we can see in the past five years nothing of those
things happened. It's not part of what Saudi Arabia does." He noted that
the country is working to reform some laws and the government does not
interfere in the work of the judiciary. The Crown Prince also touched on
economic files, stressing that the Kingdom monitors supply and demand
in the oil market and takes the necessary measures to stabilize the energy
market. “Our role in OPEC + is to bridge the gap between supply and
demand. We are keen on the stability of energy markets and we are doing
what is necessary in this regard.” Referring to the recent deal signed with
regard to establishing India – Middle East – Europe Economic Corridor
during the G20 Summit, the Crown Prince said that the Economic Corridor
that will connect the Middle East with Europe will save time and money
and will shorten the distance to Europe to 3-6 days. Regarding the BRICS
group of countries, in which Saudi Arabia will join in January 2024, Prince
Mohammed bin Salman said that this group “is not against the United
States, as evidenced by the presence of Washington’s allies within it.”
The Crown Prince stressed that the BRICS group, which includes Brazil,
Russia, India, China and South Africa, is not a political alliance. The
Crown Prince also explained about the measures being taken to make the
Kingdom a major global tourism destination. He said that attracting
tourism is linked to developing other major sectors, including sports,
entertainment and culture. “We do not mind developing the sports sector
as it has become effective in economic returns. We are working to ensure
that sports contribute 1.5 % of the gross domestic product (GDP) soon,” he
added. (Zawya)
 Saudi women's meteoric rise in the workforce: A transformative journey -
In a remarkable shift, Saudi Arabia has witnessed a significant decrease
in unemployment rates among women, marking a transformative journey
toward gender equality in the workforce. As the Kingdom continues to
empower its female population, this trend not only signifies economic
progress but also reflects a broader societal transformation. The fourth
quarter of 2022 recorded a momentous drop in unemployment rates
among Saudi women, which plunged to 15.4 % compared to previous
years (2019, 2020, and 2021). This change aligns perfectly with the
expanding role of women in the Saudi economy, where they are making
their presence felt across various sectors. According to a report by the
General Authority for Statistics in Saudi Arabia, the percentage of
working women among the population rose to 30.4 % in the fourth quarter
of 2022, marking an increase from the 27.6 % recorded in the same quarter

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of 2021. Additionally, women's participation in the labor market reached
36 %, up from 35.6 % in the fourth quarter of 2021. The report also
highlights a growing trend of Saudi women engaging in freelance work. In
2021, the number of documents issued for female freelancers reached an
all-time high of 961,189, a stark contrast to the 105,518 documents issued
in 2020 and a mere 7,997 in 2019. Saudi Arabia's stock market has
witnessed a significant influx of female investors in recent times, with
2021 recording 1,516,995 Saudi female investors, surpassing the figures
for 2019 and 2020. Standard & Poor's credit rating agency anticipates that
the increased participation of women in the workforce in Saudi Arabia will
enhance the Kingdom's economic growth opportunities. The agency's
report noted that labor market reforms have led to an increase in the
female workforce participation rate to approximately 36 % in 2022,
compared to 19 % in 2016. The report states, "If the current pace of
workforce participation continues over the next ten years, the agency's
economic group estimates that the Saudi economy could reach $39bnor
more, representing a 3.5 % increase compared to the historical scenario of
workforce participation growth from 2000 to 2022." Furthermore, it
suggests that sustained annual growth of one percentage point in the
overall female workforce participation over the next decade could
accelerate the Kingdom's annual real economic growth by an average of
0.3 percentage points to reach 2.4 %, assuming that workforce
productivity remains similar to the past two decades. The agency
attributed the increase in female workforce participation to higher
education levels and several government initiatives, such as expanding
childcare services, allowing women to drive, increasing remote work and
hybrid work options, abolishing the requirement for male guardian
approval to start a business, and increasing the number of female
positions in the military. (Zawya)
 Saudi economy joins trillion-dollar club; private sector registers
impressive growth - Saudi Arabia has achieved escalating success
contributing to improvements in key economic indicators, as reflected in
reports from the International Monetary Fund and related international
organizations. The Saudi economy was ranked as one of the fastest
growing among the G20 nations in 2022. According to a report by the
Saudi Chambers of Commerce, released in celebration of the country's
93rd National Day, Saudi Arabia's Gross Domestic Product (GDP) reached
SR4.155tn, exceeding the trillion-dollar mark for the first time and joining
the global trillion-dollar economies. This achievement comes ahead of the
state's 2025 targets and is accompanied by an impressive growth rate of
8.7%, the highest among G20 nations. This growth is primarily attributed
to its robust productive capabilities, leading to a self-sufficiency rate of
81.2% and an increased investment rate, reaching 27.3%. These
developments have bolstered confidence in the Saudi economy, leading to
an uptick in trust in the Saudi riyal. Deposits in the local currency now
account for 67.7% of total savings, up from 66.5% in 2021.
Internationally, Saudi Arabia has secured the 17th position in the global
economic rankings and ranks 17th out of 64 countries as the most
competitive economy globally, according to the annual Global
Competitiveness Report by the International Institute for Management
Development (IMD). The country also ranks second globally in the growth
rate of international tourists and 51st in the Global Innovation Index. The
Saudi economy's integration into the global economy has increased to
63.1%. Regarding the role of the Saudi private sector, the report
underscores its continued strong performance as an effective partner in
comprehensive development and in achieving the ambitious Vision 2030
goals. The private sector's GDP reached SR1.634tn, contributing 41% to
the overall GDP with a growth rate of 5.3%. This contribution remains
steadydue to significant growth in the oilsector, which expanded at a rate
exceeding 15%. Non-governmental investments reached SR907.5bn,
growing by 32.6%, and accounted for approximately 87.3% of total fixed
investments. The private sector also played a pivotal role in employment,
as the number of employees in the private sector increased from 8.084mn
in 2021 to 9.422mn in 2022, a growth rate of 16.6%. In line with
localization efforts, the number of Saudi employees in the private sector
rose from 1.910mn in 2021 to 2.195mn in 2022, a growth rate of 14.9%,
resulting in a 58.2% overall Saudi workforce participation in the private
sector. The report highlights the success of Saudi policies aimed at
diversifying the economic base and supporting the penetration of Saudi
exports into global markets. Exports of goods and services increased by
54.4%, with the export capacity of the Saudi economy rising from 33% to
39.3% of the GDP. The capacity of exports to cover imports of goods and
services also increased from 134.5% in 2021 to 171.9% in 2022. Non-oil
exports reached 315.7bnriyals, growing by 13.7% and accounting for
20.5% of total goods exports, reaching 178 countries worldwide. The
report predicts that the Saudi economy, along with the private sector, will
continue its robust performance in line with various economic indicators
and government support packages, as well as the implementation of
various large-scale projects across the Kingdom's regions. (Zawya)
 UAE central bank hits pause on interest rate hikes - Following the US
Federal Reserve Board’s announcement on Wednesday to keep the key
interest rates unchanged, the Central Bank of the UAE (CBUAE) has
decided to maintain the Base Rate applicable to the Overnight Deposit
Facility without change at 5.40%, effective from Thursday, 21 September
2023.The CBUAE has also decided to maintain the rate applicable to
borrowing short-term liquidity from the apex bank through all standing
credit facilities at 50 basis points above the Base Rate. Though the US Fed
left the rates unchanged, a move widely predicted by analysts, it has
signaled one more rate hike this year, indicating that borrowing costs will
likely stay higher for a longer time. "Officials are prepared to raise rates
further if appropriate, and we intend to hold policy at a restrictive level
until we’re confident that inflation is moving down sustainably toward
our objective,” Fed Chairman Jerome Powell said in a statement published
after the Federal Open Market Committee meeting. Most of the GCC
central banks follow the Fed's policy regarding interest rates as their
currencies are pegged to the US dollar. (Zawya)
 RAKEZ team visits China’s Guangdong province to boost trade and
economic synergies - RAS AL KHAIMAH - A delegation from Ras Al
Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,
successfully wrapped up its roadshow in China’s Guangdong province to
foster deeper ties with local enterprises, prominent trade associations,
and key government entities and explore new opportunities for economic
and trade cooperation. The delegation hosted business forums across
three major cities, including Guangzhou, Shenzhen, and Dongguan,
highlighting the prospects of the growing Middle Eastern market amid
Chinese firms. The forums allowed participants to dive deep into
understanding Ras Al Khaimah’s economic landscape and industry, while
RAKEZ engaged closely with local enterprises to further understand their
plans for overseas ventures and investments. The discussions were
instrumental for both parties in identifying potential areas of
collaboration and creating effective foreign trade platforms for long-term
bilateral business ties. The delegation met with companies from key
sectors, including automotive, media equipment, energy,
pharmaceuticals, security, IT, electronics, telecom, construction, finance,
and e-commerce. The trade associations that actively participated in
RAKEZ’s business forums were the Guangzhou Association of Trade in
Services, Shenzhen Electronics Industrial Association, and Shenzhen
State-owned Assets Supervision and Administration Commission.
Furthermore, the delegation interacted with representatives from
government entities like Dongguan Bureau of Commerce and Songshan
Lake Hi-Tech Industrial Development Zone. Commenting on the visit,
Jallad said, “The potential for business collaboration between Guangdong
and Ras Al Khaimah is vast, spanning across multiple sectors. Hundreds
of Chinese companies, from SMEs to manufacturing giants, have already
chosen RAKEZ as theirbase. A significant portion of these companies play
a pivotal role in advancing sustainability efforts in both Ras Al Khaimah
and the UAE. We are actively engaging with Chinese government
entities, Fortune 500 multinationals, trade associations, and SMEs to
assist them with their expansion goals to the Middle East through Ras Al
Khaimah. As a foreign trade and export powerhouse in China, Guangdong
is a natural partner in this endeavor.” He further added, “Given RAKEZ’s
strategic positioning in an emirate that is central to the UAE-China trade
relationship, coupled with our unwavering dedication to our investors
through a customer-first approach andexcellent aftercareservices,we are
aligned to leverage the UAE’s expanding trade relationship with China
and support the goal of amplifying our bilateral trade to US$200bnby
2030. Our persistent efforts underscore our commitment to further
bolstering Ras Al Khaimah’s position as a global industrial and business
hub.” Over the decades, the UAE has emerged as China’s most significant

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export market and second-largest trading partner in the Middle East,
while China stands as the UAE’s largest trading partner, with the value of
non-oil trade between the two countries exceeding US$72bn in 2022,
reflecting an 18% growth from US$61bnin 2021. Following the Belt and
Road Initiative, numerous Chinese investors, particularly state-owned
enterprises, have solidified their presence in the UAE, participating in key
infrastructural projects encompassing ports, railroads, and highways.
Jallad believes that Chinese firms will further benefit from the Initiative
by establishing their presence in Ras Al Khaimah. He said, “Our goal is to
show them that Ras Al Khaimah is the right choice and right place for
them to grow. As a service provider, we offer our companies end-to-end
services and value-added services, ensuring that all is in place so that
investors can plug and play and focus on their business.” (Zawya)
 Ajman's exports surge 19% in H1'23 - The Ajman Chamber of Commerce
and Industry (ACCI) has revealed that the volume of exports from the
emirate grew 19.6 % during the first half of 2023 (H1'23). The emirate’s
total exports reached AED4.57bnin H1'23, compared to some
AED4.3bnduring the same period in 2022. Ships and boats topped the list
of exported products, followed by mineral oils, fish, and steel products.
Saudi Arabia was the top destination for the emirate's exports, followed
by Italy, Kuwait, and Türkiye. This growth in Ajman's export volume
reflects itsefforts to follow thedirectivesof the UAE’s leadership to create
a sustainable economic environment, which drives the development of
private sector businesses. It also highlights the commitment of all
relevant government entities in Ajman to diversify proactive tools and
supportive services to increase exports of local products, in line with
Ajman's targets and vision. Ajman's advanced logistical infrastructure
directly improves shipping and transportation operations, making them
more efficient. This, coupled with continuous upgrades to industrial
zones, positively impacted the growth of direct investments, especially
those allocated to the industrial sector. The ACCI has adopted a dynamic
business agenda to increase the volume of exports from the emirate and
open new markets for local products by participating in diverse
international exhibitions with its member companies and factories and
encouraging international partnerships to promote local products and
facilitate access to foreign markets. (Zawya)
 Dubai ranks first in Arab world, fifth globally on Xinhua-Baltic
International Shipping Centre Development Index - Dubai has maintained
its ranking among the top five global maritime centers on the 2023
International Shipping Centre Development (ISCD) Index for the fourth
consecutive year. The city also earned the top rank for sea freight and
logistics services in the Arab world, as per the latest report issued by the
Baltic Exchange for Trade and Shipping and the Xinhua Agency of the
China Economic Information Service. The report placed Dubai fifth out of
the 20 most prominent international centers for commercial maritime
shipping ahead of Rotterdam, Hamburg, Athens/Piraeus, Ningbo/
Zhoushan, and New York/New Jersey. Dubai is the only Arab city on the
list. Singapore, London, Shanghai and Hong Kong secured the top four
ranks on the Index. Sultan Ahmed bin Sulayem, Chairman of the Ports,
Customs and Free Zone Corporation, said the global recognition reinforces
Dubai’s leadership in the field of maritime shipping. Dubai's distinguished
position in the sector also reflects its vast contributions to the growth of
the global maritime industry. He noted that international maritime freight
traffic accounts for more than 80% of the total volume of global trade,
demonstrating the vital importance of this sector and its role in driving
economic growth. The Ports, Customs and Free Zone Corporation,
represented by the Dubai Maritime Authority, strives to ensure that Dubai
continues to be among the world’s best maritime centers. The Authority’s
constant efforts to uphold thehighest standards and introduce innovative
solutions are setting new benchmarks, further raising Dubai’s status as a
key player in shaping the future of international maritime trade. Sheikh
Dr. Saeed bin Ahmed bin Khalifa Al Maktoum, Executive Director of the
Dubai Maritime Authority, said Dubai’s ranking on the International
Shipping Centre Development Index strengthens its profile on the global
maritime map. Dubai’s ability to maintain its high ranking for four
consecutive years reflects its progress in enhancing the competitiveness
and efficiency of its maritime sector. The implementation of the
Authority’s Maritime Sector Strategy has bolstered the city’s position as
a leading international maritimehub. “The DubaiMaritime City Authority
seeks to enhance cooperation with various stakeholders to further
reinforce the growth and development of the maritime sector in the
emirate. We are working on a series of plans and initiatives to promote the
sustainable development of the sector,” he added Sheikh Saeed
emphasized that Dubai's ranking as the only Arab city among the top 20
international maritime shipping centers underscores the emirate's
dedication to continuous growth and its rising stature on the global stage.
Dubai's aspiration to be among the most influential maritime hubs has led
to the creation of infrastructure and services that rank among the best in
the world.By adopting internationalbest practices, Dubai continues to set
new standards in its maritime business environment, he noted. (Zawya)
 UAE, Armenia sign four deals during joint business forum in Yerevan -
Abdullah Mohamed Al Mazrouei, Chairman of the Federation of UAE
Chambers of Commerce and Industry (FCCI) and Chairman of Abu Dhabi
Chamber of Commerce and Industry, and Vahan Kerobyan, Armenia's
Minister of Economy, inaugurated today the UAE-Armenia Business
Forum in the Armenian capital, Yerevan. The forum saw the signing of
four Memorandums of Understanding (MoUs); with three of them
between the business communities in both countries and one to establish
a UAE-Armenia Business Council. Organized by the FCCI, the UAE
Embassy in Yerevan, and Enterprise Armenia, the event was attended by
Dr. Nariman Al Mulla, UAE Ambassador to the Republic of Armenia, a
UAE trade delegation of around 100 representatives of government and
private entities, and over 200 representatives of Armenian companies. In
his keynote, Al Mazrouei invited businesses in both countries to leverage
the opportunities and facilities providedby both countries,noting that the
signing of MoUs with Enterprise Armenia and the Armenian Chamber of
Commerce and Industry will help create new investment opportunities
and forge a stronger UAE-Armenian partnership that benefits both
countries. For his part, the Armenian Minister of Economy said that the
UAE-Armenia trade exchange reached over US$1bn, making the UAE one
of Armenia's top three trade partners, alongside Russia and China. In the
first 7 months of 2023, the trade exchange between our countries was
valued at $870mn, three-fold its value last year, while investments grew
by 20 % in H1 2023, he added, commending the UAE's decision to waive
pre-entry visas between the UAE and Armenia. The UAE trade delegation
held several meetings with Armenian officials, including the Deputy
Prime Minister, the Minister of Economy and the Minister of High-Tech
Industry, during which they discussed prospects for boosting trade and
investment cooperation and launching economy-driving projects in both
countries.
 UAE unveils key pillars for transforming country's food, agriculture sector
into global power - Abdullah bin Touq Al Marri, Minister of Economy,
affirmed the UAE’s commitment to transforming its food and agriculture
sector to grow its contribution to GDP by US$10bnand creating 20,000
jobs in the next five years, as he unveiled the seven key pillars of the
strategic direction in achieving it. The key strategies include localizing
innovation, fostering a UAE-first culture and food supply chain, and
providing farmers with thenecessary support and resources to make them
a global leader in agri-food innovation and sustainability. Closing the fifth
Future Food Forum on Thursday, Bin Touq praised the country’s F&B
sector initiatives in skill development and digital-infrastructure
capabilities achieved through various programmer to reshape how food is
produced, distributed, and consumed in the region and globally. He
commended the UAE Food Platform’s (launched during the Forum) ability
to enable public-private collaboration in food security and optimizing the
F&B ecosystem with digital infrastructures to drive the sector growth and
attract investments and trade opportunities. The two-day event, held on
20th-21st September at Le Meridian Dubai Hotel, delved into the growing
role of the food sector in UAE’s economy and well-being and the
industry’s future. Present for driving the UAE’s economic development
and industrial growth is promising and crucial to our future. The UAE,
today, is considered one of the most important hubs of global food
logistics. Everybody knows it’s the most accessible port for shipping
containers between the source and the destination, easing for food supply
and consumption. Food is also an important aspect of overall trade. Food
products trade amounted to AED 130bnin 2022 alone compared to AED
105bnin 2021, registering a growth of 24 % in one year; food trading was
5.7 % of the UAE non-oil trade. Bin Touq said, “With a growing

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population, food security assuming the highest priority, the UAE is doing
well on this front and was on the top of the global food security index 2022
compared to other MENA counterparts, but the challenges for food in
these uncertain times are real and present. Thankfully, our food industry’s
resilience and adaptability make it adept in addressing this challenge
while constantly emphasizing sustainable practices, which will nurture
our earth for centuries.” “Today, I stand before you to share a vision to
propel our beloved country to new heights and ensure future food
security. We are working on a strategy to transform our Food and
Agriculture cluster into a global power; the essential pillars around this
work, which I’m about to say represents our commitment to innovation
sustainability and self-sufficiency and food production,” he added. He
noted that the first pillar is localizingthe next generation of agridisruptors
and growing them into global champions by nurturing local talents and
innovation by identifying and supporting the next-generation solutions.
Second is making the UAE a global regulatory powerhouse ensures that
our products are of higher standards and have international recognition.
The third involves promoting a UAE-first culture to foster the entire food
value chain by prioritizing domestic production and reducing reliance on
imports. Meanwhile, the fourth pillar remains critical as it aims to provide
sufficient funding to industry players. Bin Touq said, “Access to funding
is why people grow, industries evolve, and our strategy will look into
securing funding and support. This brings us to our fifth pillar of fostering
innovation with world-class R&D innovation, which is the cornerstone of
progress. We will provide world-class research and development
packages to inspire change.” Furthermore, the sixth pillar will focus on
enabling players to diversify and access new markets by creating
pathways for all agricultureplayers. Finally, the strategy aims tobuild the
next generation of farmers, who are the future of agriculture and agri-
tech. Bin Touq expressed commitment to providing farmers with the
knowledge, technology and resources they need to succeed through
training programmer, modernization efforts, and support systems to
ensure that the agriculture workforce is prepared to address the
challenges and opportunities ahead. (Zawya)
 UAE-Saudi trade reaches $159.7bn in 5 years - The volume of trade
exchange between the UAE and the Kingdom of Saudi Arabia grew by 28
% in 2022, reaching AED 137.51bn, compared to AED 107.41bnin 2018.
This brings the total non-oil trade between the two countries to AED
586.75bnover five years. As per Ministry of Economy data, in 2022, the
bilateral trade between the two countries was divided into AED 34.31bn
in imports, AED 36.01bn in non-oil exports, and AED 67.18bn in re-
exports. The statistics included data on trade exchange between the two
countries during the period from 2018 to 2022, indicating the growth of
trade exchange between the two sides in 2019 to reach AED 113.25bn,
compared to AED 107.41bn in 2018. The year 2021 also recorded growth,
reaching AED 124.65bn, compared to AED 103.91bn in 2020. The volume
of trade exchange between the two sides reached AED 137.51bn last year.
The fruitful relations between the two countries have had a positive
impact on the comprehensive and sustainable development in both
countries in various fields, including trade exchange, economic
cooperation, and joint investment. This serves the process of progress and
sustainable development and is in the interest of improving the quality of
life and the well-being and prosperity of the two brotherly peoples. Saudi
Arabia ranked third among the five largest destinations for non-oil UAE
exports in the first half of 2023. UAE imports from Saudi Arabia accounted
for 25 % of total non-oil bilateral trade, while national exports and re-
exports to Saudi Arabia made up 75% in 2022. Saudi Arabia was the third
trading partner for the UAE's non-oil trade with the world in 2022. The
UAE's imports from Saudi Arabia grew to AED 34.49bn in 2022, a 23 %
increase from 2018. The UAE's non-oil exports to Saudi Arabia grew to
AED 35.96bnin 2022, a 14 % increase from 2018. The value of UAE re-
exports to Saudi Arabia increased to AED 67.16bnin 2022, a 40 % rise from
2018. The UAE is the second-largest re-export market for Saudi Arabia
and is also the second-largest export destination and the third-largest
import source for Saudi Arabia. The economic, investment, and trade
cooperation relations between the UAE and Saudi Arabia are witnessing
increasing growth in various fields, which contributes to the
strengthening, development, and prosperity of the two brotherly
countries and peoples. (Zawya)
 DMCC in new push for China trade ties - DMCC, a leading free zone in
Dubai, has concluded its roadshow to Shenzhen and Hong Kong, further
strengthening the longstanding bilateral relationship with China and
exploring new opportunities for economic cooperation, trade and foreign
direct investment. During the visit, DMCC, the Government of Dubai
Authority on commodities trade and enterprise, signed a Memorandum of
Understanding (MoU) with the Hong Kong-Middle East Business
Chamber Limited (HKME) to promote innovation and bilateral trade. The
agreement will see both entities collaborate on the exchange of market
best practices, transfer of knowledge and professional expertise, as well
as the provision of trade and logistical support. In turn, this will support
the objectives of the Belt and Road Initiative, strengthening economic
cooperation between the countries along the proposed “Belt and Road”
route. Ahmed Bin Sulayem, Executive Chairman and Chief Executive
Officer, DMCC, said: “We are delighted to be back in China as we continue
on our path of strong and collaborative growth. China occupies a key
position as one of DMCC's top strategic markets, while DMCC has become
a preferred destination for Chinese businesses with more than 800 now
established in our award-winning community. “With over $77bnin non-
oil trade recorded last year between China and the UAE, we expect our
cooperation to be even further boosted through the UAE’s impending
membership of BRICS, which will enhance the strength and capacity of
the One Belt One Road initiative.” Shaikh Saoud Ali Almualla, Consul
General of the UAE in the Hong Kong Special Administrative Region,
added: "Business and trade are at the forefront of economic growth and
prosperity. The UAE and China share a vision of mutual growth and
prosperity, and our collectiveresponsibility is to nurture and expand these
ties. I must thank DMCC for standing as a beacon of excellence and
innovation in this endeavor, providing a driving force for trade facilitation
and fostering greater connectivity between major trade hubs such as
Dubai and Hong Kong.” During the roadshow, Ahmed Bin Sulayem,
Executive Chairman and Chief Executive Officer of DMCC, was awarded
the Extraordinary 40 Award, alongside prominent industry leaders, for his
role in driving the global diamond and jewelry industry forward. He also
participated in a panel discussion at the Jewelry & Gem World Hong Kong
(JGW), one of the world’s most prominent jewelry events, titled, “From
Rough To Brilliant: Charting A Course For An Exciting Future,” during
which he shared insights on Dubai’s journey to becoming a leading global
diamond trading hub. The visit also saw DMCC release a special edition of
its Future of Trade thought leadership report focused on lab-grown
diamonds (LGDs), titled “Coming of Age – The Future of Lab Grown
Diamonds”. The report examines the dynamics that have driven the
meteoric rise of the LGD market segment over the past few years. The
release of the LGD-focused report comes following a successful
inauguration of the LGD Symposium hosted by DMCC in July 2023. This
roadshow series marks the second visit to China this year, following the
Made for Trade China roadshow across the commercial and trade hubs of
Shanghai, Guangzhou and Chongqing in June 2023. DMCC showcased
Dubai’s thriving business environment and how DMCC acts as a central
platform and business district of choice for Chinese companies to expand
in Dubai and internationally. (Zawya)
 34 deals inked at agricultural coop conference of China-Arab States Expo
- A total of 34 deals worth approximately RMB3.432bn(AED1.73bn) were
signed at the conference on high-quality modern agricultural cooperation,
one of the activities of the 6th China-Arab States Expo (Expo), held in
Yinchuan, the capital of northwest China's Ningxia Hui Autonomous
Region, on 22nd September. As agriculture has become a key part of
China-Arab cooperation, trade in agricultural products has seen steady
growth, according to the China Economic Net. Last year, trade value of
agricultural products between China and Arab countries reached
US$5bn(AED18.36bn), said Li Jinxiang, national chief veterinary officer
of the Ministry of Agriculture and Rural Affairs, in his keynote speech at
the Conference on High-quality Modern Agricultural Development and
Cooperation. Giving full play to its technological advantages in
plantation, animal husbandry, and water-saving irrigation, China has
established overseas agricultural technology transfer sub-centers in eight
countries, including Jordan and Pakistan. For example, China has
promoted dairy cattle embryo transfer technology in Mauritania, set up
vegetable growing demonstration areas in Jordan, grown rice in deserts in
the United Arab Emirates, and promoted smart irrigation and water-

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Daily MarketReport
saving technologies in Egypt. Besides, China has stepped up efforts for
training professionals in many Arab states. As of the end of 2022, China
has held nearly 500 training sessions for nearly 10,000 agricultural
officials and technical staff from 22 Arab League member countries,
covering fields such as desert agriculture, aquaculture, and smart
agriculture, said Li. China is the Arab states' largest trading partner, with
trade volume up from US$222.4bn in 2012 to US$431.4bnin 2022, nearly
doubling in a decade. In the first half of this year, China-Arab trade
volume reached US$199.9bn. Two-way investment also expanded. In
2022,China's direct investment inArab states increasedby US$2.62bn, up
13 % from the same period last year, while the Arab states added
US$1.05bn in investment in China, an almost nine-fold year-on-year
increase. In the January-June period this year, China's new direct
investment in the Arab world rose US$1.44bn, marking a 7 % increase
from a year earlier, while new investment from Arab countries into China
amounted to US$2.15bn. Starting from 21st September, the biennial
event, first held in 2013, has attracted over 10,000 guests from 56
countries and regions, as well as over 1,000 Chinese and foreign
enterprises. Sponsored by the Ministry of Commerce, China Council for
the Promotion of International Trade, and Ningxia regional government,
the Expo, over the past ten years, has attracted over 400,000 participants
and 6,000 enterprises from 112 countries and regions, signing 1,213
cooperation projects in modern agriculture, high technologies, and
biomedicine. (Zawya)
 Dubai jobs: Emirates announces recruitment drive; eligibility, incentives
revealed - Dubai-based Emirates airlines is hiring experienced Airbus staff
in anticipation of new planes that will be added to the fleet over the next
two years. The airline has launched a recruitment drive globally and is
inviting applications from seasoned commanders to join its Direct Entry
Captains program for its fleet of Airbus A380s. The program is for skilled
captains with at least 3,000 hours of recent command on Airbus wide-
body aircraft. In addition, the airline is running an Accelerated Command
Programmed for captains with a minimum of 1,500 hours of Airbus
experience. A first officer program for candidates with multi-engine,
multi-crew aircraft experience is also in place. This is the latest among a
series of recruitment drives launched by airlines in the UAE to hire staff
to meet the demands of a burgeoning travel industry after the Covid-19
pandemic. Last year, the Vice Chancellor of Emirates Aviation University
(EAU) had predicted a hiring spree. “The shortage of skilled staff in the
aviation industryhas createdhuge opportunities for employment,”he had
said. The pilots will join a 4,200-strong flight crew community, including
1,515 A380 pilots flying 260 aircraft. Emirates’ expat pilot community
works with flight deck colleagues from 111 countries and colleagues from
over 160 nationalities. Pilots receive spacious accommodation, education
allowance, and excellent dental, medical and life cover. They also enjoy
chauffeur-driven transport to and from work, laundry services, 42 days of
annual leave, confirmed Business Class annual leave flight tickets,
concessional cargo and exceptional discounted travel benefits for friends
and family, among other perks. (Zawya)
 Dubai, Saudi tourism boom fuels Mideast non-oil sector resilience -
Tourism is boosting the Middle East non-energy sector despite oil output
slowdown. Dubai's tourism grew 20% in Q2 2023, with 8.6mn tourists and
aims for 40mn by 2031. Saudi Arabia also saw a 225% increase since Q1
2022. The non-energy sector is resilient with double-digit growth in
various areas. Dubai's hospitality sector will have 154,000 rooms by the
end of 2023, while the UAE has 24,500 more rooms in development.
However, overall economic performance weakened due to reduced oil
production, with GDP growth forecasted at 1.7% this year. Optimism
remains, and UAE and Saudi Arabia's inclusion in the Brics group is
expected to bring new trade opportunities. (Zawya)
 MoF introduces UAE private sector to expansion opportunities in
emerging economies - The Ministry of Finance (MoF) collaborated with
MIGA (World Bank Group) for workshops in Dubai and Abu Dhabi. These
aimed toboost the UAE business environment, with a focus on facilitating
business setup in emerging economies. MIGA discussed its financial
products, including insurance solutions, to enhance credit for businesses
and lower costs. The workshops covered innovative financing and
renewable energy solutions. The collaboration aims to support UAE
businesses expanding into emerging markets. The sessions highlighted
the role of chambers of commerce and the importance of investment in
developing countries. Discussions included case studies and risk
mitigation in emerging markets. (Zawya)
 Ministry of Finance participates in first GCC Common Market Committee-
Federation of GCC Chambers meeting - A UAE delegation participated in
the first meeting between the Gulf Cooperation Council (GCC) Common
Market Committee and the Federation of GCC Chambers of Commerce and
Industry (FGCC Chambers) in Muscat, Oman. The meeting focused on
expediting the completion of GCC common market requirements
according to the 2022-2024 plan to enhance the economies and global
competitiveness of GCC states. The UAE is actively involved in these
efforts to establish a cohesive GCC common market, aligning with the
region's economic growth objectives. The meeting addressed challenges,
customs union establishment, and support for the GCC private sector,
promoting economic cooperation. (Zawya)
 Dubai Chambers CEO confident in UAE’s growth despite Saudi shift by
MNCs - Though Saudi Arabia has asked multinational companies to move
their regional headquarters to the kingdom, this is not perceived as a
concern by the UAE, the head of Dubai Chambers said. At the 3rd annual
Global Trade and Supply Chain Summit in Dubai, Mohammad Ali Rashed
Lootah, President and CEO of Dubai Chambers, was asked whether the
emirate, as well as the rest of the UAE, felt it was under more “competitive
threat” as a business hub due to recent changes. “I believe highly in the
numbers. If we look at the numbers of the first half of 2023, we had 43%
growth in the number of memberships [from] new companies formed in
Dubai [through] Dubai Chambers,” he replied. “More than 30,000
companies were formed compared to last year. And 2022 was higher than
2021, and 2021 was higher than 2019, pre-pandemic.” He continued: “I
think that the numbers are very positive; the number of companies being
set up exceeded our optimistic forecast, and I think having growth [across
the whole of] the GCC in terms of GDP will really reflect very positively
for the whole region.” “So I don't see an issue or effect when it comes to
that,” he said. “I feel that the growth [witnessed] in the region will really
have a very positive result on all of the countries and the sectors.” Lootah
also spoke of the importance of Africa to Dubai Chambers and revealed
new outbound trade missions to the region: “Africa is one of the most
important markets for Dubai and the Dubai Chambers specifically. If we
look at the D33 [Dubai Economic] Agenda, you’ll notice that Africa's one
of the regions that was specifically mentioned and [it was stated] that we
should put more emphasis [on the region]. “When it comes to Dubai
Chambers, we increased our offices in Africa to seven offices, so we’re
covering all of Africa: North, East, South, and West,” he said. “Before the
end of the year, we'll be having two outbound trade missions to Africa:
one to Kenya, and the second to Ivory Coast and Nigeria.” Speaking of the
increased engagement with Africa, Lootah added: “We have noticed
increased interest from the African market, and what was very
interesting is that a lot of African countries plan to have their regional hub
in Dubai to access different markets in the GCC and Middle East overall.
“And on the other side, when it comes to the year-on-year growth of
exports, [and I am] talking about the exporter members of the Dubai
Chamber, the majority of the region of Africa witnessed more than 50%
growth compared to last year in terms of exports.” “So it means that
overall trade has increased with Africa, our presence has increased there,
[plus] Dubai is attracting more businesses from Africa,” he said. Dubai
Chambers announced the inaugural edition of the Dubai Business Forum,
set to take place at Madinat Jumeirah from 1 to 2 November 2023, under
the theme “Shifting Economic Power: Dubai and the Future of Global
Trade”. The forum, which is being billed as set to play an instrumental role
in achieving the objectives of the D33, replaces the previous Global
Business Forum. (Zawya)
 Oman, Iran explores joint business, economic, investment cooperation -
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and
Investment Promotion met in his office with Abbas Aliabadi Minister of
Industry, Mine and Trade of the Islamic Republic of Iran and his
accompanying delegation. During the meeting, the two sides reviewed
means of enhancing economic, business and investment relations
between Oman and Iran, as well as boosting trade exchange. Further, they
touched on investment opportunities and related information in a bid to
attract Iranian investors to invest in Oman, especially in the fields of

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industry, tourism, mining, food security and logistics. The two ministers
also shed light on private-sector projects in the two countries Moreover,
the meeting was attended by Dr Saleh Said Masn, Undersecretary of the
Ministry of Commerce, Industry and Investment Promotion, Ali Najafi
Khoshroudi, Ambassador of Iran to Oman and officials from both sides.
(Zawya)
 Oman GDP shrinks by 9.5% in the second quarter - state news agency -
Oman's gross domestic product (GDP) shrank by 9.5% in the second
quarter to around 10.1bnOmani rials ($26.24bn) by current prices, the
state news agency reported on Saturday. Omani GDP reached around
11.1bnOmani rials in the same quarter of last year, the agency added.
(Zawya)
 Jobs: Co-operative societies must hire 60% Kuwaitis - MPs Saud Al-
Asfour, Falah Al-Hajri, Shuaib Al-Muwaizri, Abdullah Fehad and Osama
Al- Zaid have submitted a proposal on obligating cooperative societies to
ensure that at least 60 % of their employees are nationals and at least 30
% are Kuwaiti retirees, in addition tothe appointment of a Kuwaiti general
manager in every cooperative and the latter shouldnot be a member of the
Board of Directors. On the other hand, Member of Inter-Parliamentary
Group MP Fahd Falah Bin Jame’e attended the 32nd Meeting of the
Executive Committee in the Arab Parliament held recently in Baghdad,
Iraq. They discussed ways to develop the Arab Parliament, improve its
finances and draft its budget for the year 2024. They will also take a
decision on the venue of the 33rd meeting, set the agenda for that meeting
and reform the sub-committees which emerged from the Executive
Committee. Meanwhile, MP Marzouq Al-Ghanim forwarded queries to
Minister of Finance Fahd Abdulaziz Al-Jarallah on the resignation of the
chief executive officer (CEO) of Kuwait Airways Corporation. He pointed
out that one of the reasons for the resignation is the alleged interference
of the chairman of the Board of Directors in the CEO’s job. He wants to
know the measures taken to verify the reasons mentioned in the
resignation; including the wrong decisions of the board chairman that
negatively affected Kuwait Airways, reasons for the resignation of
executives and senior officials since the current board chairman assumed
office till date, if the board chairman still works as a pilot or he resigned as
per the regulations, and if he is still receiving salaries for the two
positions. (Zawya)
 Kuwaiti PM says Iraqi ruling on maritime navigation contains 'historical
fallacies' - Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah
described an Iraqi ruling on regulating navigation in the Khor Abdullah
waterway between the two states as containing "historical fallacies". In
remarks carried by state news agency KUNA early on Thursday, Sheikh
Ahmad also called on Iraq to take "concrete, decisive and urgent
measures" to address the ruling. The prime minister's comments came
during a meeting with his Iraqi counterpart, Mohammed Shia Al-Sudani,
on the sidelines of the 78th session of the United Nations General
Assembly in New York. Tensions have been rising between Kuwait and
Iraq after the Iraqi Federal Supreme Court ruled an agreement regulating
navigation in the Khor Abdullah waterway between the two states was
unconstitutional. The court said the law that ratified the accord should
have been approved by two-thirds of parliament. The agreement was
reached in 2012 and ratified by each of their legislative bodies in 2013.
Sheikh Ahmad also called for the complete demarcation of Kuwaiti-Iraqi
maritime borders "in accordance with international law", KUNA added,
echoing a Wednesday call by the Gulf Cooperation Council (GCC)
countries and the United States. The land border between the two was
demarcated by the United Nations in 1993 after Iraq's invasion of Kuwait,
but it did not cover the length of their maritime boundaries, and this was
left for the two oil producers to resolve. (Zawya)

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Daily MarketReport
Rebased Performance
Source: Bloomberg
Daily Index Performance
Source: Bloomberg
Asset/Currency Performance Close ($) 1D% WTD% YTD%
Gold/Ounce 1,925.23 0.3 0.1 5.5
Silver/Ounce 23.56 0.7 2.3 (1.6)
Crude Oil (Brent)/Barrel (FM Future) 93.27 (0.0) (0.7) 8.6
Crude Oil (WTI)/Barrel (FM Future) 90.03 0.4 (0.8) 12.2
Natural Gas (Henry Hub)/MMBtu 2.63 (2.6) (4.0) (25.3)
LPG Propane (Arab Gulf)/Ton 71.00 1.0 (9.0) 0.4
LPG Butane (Arab Gulf)/Ton 72.30 4.3 (6.2) (28.8)
Euro 1.07 (0.1) (0.0) (0.5)
Yen 148.37 0.5 0.4 13.2
GBP 1.22 (0.5) (1.1) 1.3
CHF 1.10 (0.2) (1.1) 2.0
AUD 0.64 0.4 0.1 (5.5)
USD Index 105.58 0.2 0.2 2.0
RUB 110.69 0.0 0.0 58.9
BRL 0.20 0.0 (1.5) 7.1
Source: Bloomberg
Global Indices Performance Close 1D%* WTD%* YTD%*
MSCI World Index 2,879.85 (0.2) (2.7) 10.6
DJ Industrial 33,963.84 (0.3) (1.9) 2.5
S&P 500 4,320.06 (0.2) (2.9) 12.5
NASDAQ 100 13,211.81 (0.1) (3.6) 26.2
STOXX 600 453.26 (0.3) (2.0) 6.1
DAX 15,557.29 (0.1) (2.3) 11.2
FTSE 100 7,683.91 (0.3) (1.5) 4.4
CAC 40 7,184.82 (0.4) (2.8) 10.4
Nikkei 32,402.41 (1.0) (3.6) 9.7
MSCI EM 964.24 0.8 (2.1) 0.8
SHANGHAI SE Composite 3,132.43 1.7 0.1 (4.2)
HANG SENG 18,057.45 2.3 (0.6) (8.9)
BSE SENSEX 66,009.15 (0.1) (2.5) 8.1
Bovespa 116,008.64 (0.2) (3.4) 13.4
RTS 999.99 1.2 (2.8) 3.0
Source: Bloomberg (*$ adjusted returns if any Data as of September 22, 2023)
60.0
80.0
100.0
120.0
140.0
160.0
180.0
Aug-19 Aug-20 Aug-21 Aug-22 Aug-23
QSE Index S&P Pan Arab S&P GCC
(1.0%)
0.3%
(0.4%)
0.3%
(0.4%)
0.0%
(0.3%)
(2.0%)
0.0%
2.0%
Saudi
Arabia
Qatar
Kuwait
Bahrain
Oman
Abu
Dhabi
Dubai
116.0
114.9
99.3

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Saugata Sarkar, CFA, CAIA
Head of Research
saugata.sarkar@qnbfs.com.qa
Shahan Keushgerian
Senior Research Analyst
shahan.keushgerian@qnbfs.com.qa
Phibion Makuwerere, CFA
phibion.makuwerere@qnbfs.com.qa
Roy Thomas
roy.thomas@qnbfs.com.qa
Dana Saif Al Sowaidi
Research Analyst
dana.alsowaidi@qnbfs.com.qa
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